General Mills (NYSE:GIS) Issues Earnings Results, Beats Estimates By $0.01 EPS

General Mills (NYSE:GIS) issued its earnings results on Wednesday. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.01, Briefing.com reports. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. General Mills had a net margin of 12.57% and a return on equity of 26.56%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted $1.09 earnings per share.

General Mills Price Performance

Shares of General Mills stock opened at $74.90 on Friday. The company has a market capitalization of $41.81 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 3.86 and a beta of 0.10. The company has a quick ratio of 0.38, a current ratio of 0.65 and a debt-to-equity ratio of 1.17. The stock’s 50-day simple moving average is $69.69 and its 200-day simple moving average is $68.44. General Mills has a 52 week low of $60.33 and a 52 week high of $75.90.

General Mills Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Wednesday, July 10th. This is a positive change from General Mills’s previous quarterly dividend of $0.59. General Mills’s dividend payout ratio is presently 55.68%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GIS. Piper Sandler raised their price target on General Mills from $74.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price target on shares of General Mills from $70.00 to $63.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Mizuho dropped their price objective on shares of General Mills from $70.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, July 3rd. Citigroup upped their target price on shares of General Mills from $68.00 to $76.00 and gave the company a “neutral” rating in a report on Monday. Finally, Argus reiterated a “hold” rating on shares of General Mills in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.93.

About General Mills

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.